Friday, June 04, 2021

The G7's Two Pillars of Idiocy

G7 finance ministers meet in London today.

One item on the agenda that has excited Biden is the concept of a global minimum corporation tax, to try to stop global corporations "offshoring" their profits.

In order to achieve this alleged halcyon dream, the G7 are considering a two "pillars" approach to confront the issue. 

The first is to reform the way taxes are calculated, using sales figures in each country to attempt to calculate a "fairer" apportionment of tax revenues around the world. 

The second pillar is to ensure countries stop competing in a race to the bottom on tax rates. A global minimum corporate tax rate: if everyone commits not to cut rates below a certain level that makes it far harder for companies to avoid taxes. 

Here's why these pillars are bollocks:

1 Sales are not profits, corporation tax is not a tax on turnover. 

2 Countries have the sovereign right to set their own rates of taxation, to allow a global body to set the rate undermines sovereignty and will end in tears.

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